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Amazon Market Value Temporarily Drops $53 Billion Due to Report of Tax Threats by President Trump

posted by martyb on Thursday March 29 2018, @08:59AM   Printer-friendly
from the Bile-hoe!-Cell-hi! dept.

takyon writes:

Amazon sheds $53 billion in market value after report on Trump threat

Amazon.com Inc (AMZN.O) shares fell as much as 7.4 percent on Wednesday, wiping about $53.6 billion from its market value after U.S. President Donald Trump reportedly indicated he wanted to rein in the U.S. technology and retail group. Trump talked about changing Amazon's tax treatment because he is worried about mom-and-pop retailers being put out of business, the Axios website reported.

The stock pared losses after a White House official said it did not know of any specific policy changes related to Amazon at the moment, adding that it was always looking at different options on a range of policy issues.

[...] Less than two hours into the trading session, its trading volume had already exceeded the 10-day moving average for a full day. The stock, which fell as low as $1,386.17, was last down 4 percent at $1,439,50, giving it a market value of around $681 billion. The stock was on track for its biggest one-day percentage decline since Jan. 29 2016.

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  • (Score: 2, Insightful) by John Miller on Thursday March 29 2018, @03:21PM (3 children)

    by John Miller (6613) on Thursday March 29 2018, @03:21PM (#659998) Journal

    "I have stated my concerns with Amazon long before the Election. Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!" twitter.com/realDonaldTrump/status/979326715272065024 [twitter.com]

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  • (Score: 2) by DeathMonkey on Thursday March 29 2018, @04:51PM (1 child)

    by DeathMonkey (1380) on Thursday March 29 2018, @04:51PM (#660047) Journal

    Remember when the government picking winners and losers was a bad thing?

  • (Score: 4, Interesting) by bob_super on Thursday March 29 2018, @05:44PM

    by bob_super (1357) on Thursday March 29 2018, @05:44PM (#660093)

    How many people will lose their jobs once Congress is done kneecapping the USPS ?
    Maybe, Amazon is protecting US employment, just not retail. :o)